Posted by Deborah Benjamin on 10/9/07 12:03pm
Msg #215575

Need 500,000 E and O Insurance ASAP

I need to up my E&O policy from $100,000 to 500,000. The NNA and a few other companies I've called only carry a maximum of $100,000. If anyone have the name of a company that will extent to $500,000 for a notary, please let me know the name of the company and contact information.

Thank you.

Deborah Benjamin

Reply by Sylvia_FL on 10/9/07 12:23pm
Msg #215580

Have you checked notary supplies on here?

Reply by MistarellaFL on 10/9/07 12:25pm
Msg #215582

Vermost & Associates
Christine Napierkowski
[e-mail address]
727.578.4400 Phone
727.577.4991 Fax

Reply by Lee/AR on 10/9/07 4:29pm
Msg #215624

Counterpoint

Haven't read whole thread... BUT any co. that wants $500,000 in 'notary' insurance is looking for a target, IMHO.

Reply by Lee/AR on 10/9/07 4:29pm
Msg #215626

Didn't mean to post that under yours, Misty.. n/m

Reply by Phillip/TX on 10/9/07 12:36pm
Msg #215584

Deborah, I am a mobile notary and an Insurance Agent both, and I would have to ask WHY, is someone requiring you to have $500,000 E&O??

The company that I use to write my bonds with, I called, just to ask them if they have heard of anyone being asked for that limit, and they advised me that they would want to know why as well.

Reply by Linda_H/FL on 10/9/07 12:41pm
Msg #215585

Not sure if this is a state-specific requirement (as I don't know NJ) but from what I've read here before, Provident Funding requires NSA'S to have that amount of E&O ...

Reply by dickb/wi on 10/9/07 3:01pm
Msg #215611

and i think that is the BIG difference........there are....

at least 2 kinds of e & o for a notary......e & o for a notary will not cover for loan signings and e & o for loan signings won't cover for notarizations.......you need to think it thru very carefully and make sure you are getting the right coverage for the job.....i don't think a lot of notaries realize the difference.....

Reply by sue_pa on 10/9/07 5:17pm
Msg #215633

Re: and i think that is the BIG difference........there are....

E&O for 'signings' also covers notarial work

Reply by sue_pa on 10/9/07 5:18pm
Msg #215634

rephrase

it covers the notarial work involved in the 'signing'

Reply by Charles_Ca on 10/9/07 12:41pm
Msg #215586

Excellent point Phillip, I don't know what Tx requires but

California does not require that much E&O for insurance broker or real estate broker (I'm both). Now Liability, I have an umbrella that is much more than that but the exposures are very different.

Reply by Loretta Reed on 10/9/07 12:43pm
Msg #215587

Speaking of insuance Charles...

I am taking classes right now for my health/insurance license. The tests are awful and sometimes I want to pull my hair out. I am taking the exam next week.

Reply by Phillip/TX on 10/9/07 12:45pm
Msg #215588

Re: Speaking of insuance Charles...

Good luck Loretta... I know they are hard... albeit over 20 years since I took one!

Reply by Above and Beyond Closings - Alice on 10/9/07 12:57pm
Msg #215589

Here's how to deal with Provident and their requests.

Provident requires that notaries carry $500k in E&O - good luck finding that. The title company writes the title insurance and therefore carries enough insurance to cover us. Have the title company send Provident a letter of indemnity and this will satisfy Provident.

Reply by Loretta Reed on 10/9/07 12:58pm
Msg #215590

Re: Here's how to deal with Provident and their requests.

I have a $500,000 policy and you are going to pay alot for it. Depending on how long you have been doing this, your policy can run $2,400 +- a year.

Reply by Above and Beyond Closings - Alice on 10/9/07 1:01pm
Msg #215591

Re: Here's how to deal with Provident and their requests.

Loretta - which company offers $500k? I would be interested in looking into it.

Reply by Loretta Reed on 10/9/07 1:02pm
Msg #215592

Re: Here's how to deal with Provident and their requests.

www.titleprogram.com 800-277-5680
Nancy Walker is the agent

Reply by Above and Beyond Closings - Alice on 10/9/07 1:03pm
Msg #215593

Re: Here's how to deal with Provident and their requests.

Thanks.

Reply by Deborah Benjamin on 10/9/07 1:57pm
Msg #215606

Re: Thank you everyone for your response....

I called the Title Company and spoke to the attorney. Alice you are correct...it is Provident. I read your email to the attorney at the title company and he was calling Provident with your suggestion. He said he did not even think about your suggestion. Thank you Alice. I will also call the listed E&O companies and see what the cost will be for $500,000.00. Thank you everyone for all your suggestions and referrals. I will let you know how this turns out.

Deborah Benjamin

Reply by Charles_Ca on 10/9/07 1:43pm
Msg #215598

Re: Speaking of insuance Charles...

best of luck to you Loretta. The insurance test is onel of the hardest tests I have ever had the mifortune of taking, at least in California. They say that over 60% fail it the first time. Like most trainiers will tell you classes to pass the test do not teach insurance they only teach you how to pass the test. Let me know how it turns out!

Reply by Loretta Reed on 10/9/07 1:08pm
Msg #215594

Has anyone looked at Charles_Ca profile and his

website? I wanna be just like him when I grow up.

Reply by Charles_Ca on 10/9/07 1:45pm
Msg #215599

Loretta, I think that is the nicest thing that anyone has

ever said to me here. Thank you!

Reply by Loretta Reed on 10/9/07 1:47pm
Msg #215601

Re: Loretta, I think that is the nicest thing that anyone has

Well, you worked hard for it. I'm striving for success too. That's why I don't have my eggs all in the "notary basket". Insurance salesman is going to be added to my other hats: loan officer, abstractor and signing agent.

Reply by Charles_Ca on 10/9/07 1:57pm
Msg #215605

Re: Loretta, I think that is the nicest thing that anyone has

That is an excellent strategy Loretta. I am combining several services and this fall I am bringing in a CPA who prepares taxes, has a bookkeeping service, a payroll service, and sells securities. People like a one-stop shop and we share many of the same clients so that there is a lot of synergy in combining forces. My current website is a disaster area. I am in the process of changing it around but the health insurance business has been so good to me that I have concentrated on developing an internet presence with the help of some of the insurers. One of the nice features of an insurance license is that you can just pay the fees and be licensed in other states I am currently applying in Arizona, Nevada, Oregon and Washington at the suggestions of one of the insurers I represent. With an internet presence and Voip I can be anywhere and service my customers. I think you will find the insurance business financially rewarding.

Reply by SoCal Signing Co. on 10/9/07 3:53pm
Msg #215613

$500,000 E & O

Alpha Team Insurance Services
17831 Sky Park Circle
Irvine, CA 92614

949-872-2211

the cost of my $1, 000.000.00 is only $1500.00 a year
I found them after paying more for that than my $500,000 I paid for last year with another company.